Xtech has the ability to deliver comprehensive applications for the Blockchain and IoT interfaces, enabling payment transactions between machines on a block-based basis. The co-founder of Xtech, Christian Gorgas, was so kind as to invite us to an interview in his office at the Hackescher Markt in Berlin.
We see a clear connection between Distributed Ledgers and autonomous machines / robots. We have set ourselves the task of combining both worlds and making machines affordable. This creates a new form of economy - the machine economy. In this area, we see huge potential on three levels: the first is the payment of machines among each other (both parties are fully crypto-ready in this case) - the second is the interaction of man and machine. In this case, it is also necessary to make Crypto-ready people - and, of course, the identification of both parties.
I am co-founder, CO CEO and product architect. So I am primarily concerned with the product vision and the further development of the company. I work with our developers on a product that can be understood and sold by the business and customer side.What is your team like and how did you get a blockchain application on the German market today?
Now we have in the project Share and Charge, together with Slock. it is one of the very first block-based P2P applications on the market. Both technically very different challenges in legal highly regulated areas (energy trading, banking, trading). There is the right balance between speed, technical know-how, system security, legal certainty and user-friendliness. But that is what characterizes us.Can you explain the processing of a machine-to-machine transaction on your platform?
In a machine-to-machine transaction, two parties with a unique ID and a wallet enter a direct value exchange.
As far as this transaction is carried out exclusively with a cryptic currency, the process is simple because both parties communicate in the form of protocols anyway.The blockchain only signs the transaction here and thus establishes the required trust level.
Once an actor enters the transaction that is not Crypto-ready, the transaction must also be verified through our Clearing and Reconciliation Engine. For this purpose, For example, a Euro backed token for the Share and Charge project. Consumers can deposit money into the system via their credit card. At the same time, a SmartContract generates the tokens for internal allocation. Our engine then ensures that all system internal and external transactions will end up with the same result. Just recently, it was announced that you had received a six-digit capital injection from innogy, what do you need the capital for? Having Innogy as an investor has been an important step for us in many ways. Firstly, innogy's own innovation hub has set its sights on implementing Horizon 3 technologies, ie new ideas from the pilot and research area. Secondly, innogy is able to draw on a good 23 million customers. Thirdly, a lot of our tasks are done in a world where machines need a lot of energy.
The purely financial investment is almost second-rate for us in this cooperation. Nevertheless, we will again build up our developer team with the capital injection.
Could you imagine an ICO in the future or are there already concrete plans?
Our model of Euro backed tokens but also a machinecoin could allow such a conclusion of course ...
Where is your platform Xtech already used in practice? P> As mentioned, Share and Charge is the current use case on the road. We also won a startup from Seattle, which is on the road with a token in the E-Sports area.
As mentioned, Share and Charge is the current use case on the road. We also won a startup from Seattle, which is on the road with a token in the E-Sports area.
However, our focus is clearly on machine economy topics, which is why we are currently talking about logistics and mobility providers about other possible applications and cooperations.
Now build your platform on the Ethereum blockchain. The underlying token ether, like many other cryptos, has multiplied over the last few weeks and currently stands at 380 US dollars. Do you think the enormous price increase is justified or rather an investment bubble?
Unbelievable. It was not quite a month since I was approached by many of my friends and asked for a good crypto investment. Since I've only said that I put the most on Ethereum and Bitcoin. The enormous increase, but I would not have expected. I should be invited to dinner (laughs). Naturally, I am also very pleased with the development of the Ethereum and Bitcoin investor. Actually, however, I would rather be able to use the coins in the Daily Business.At that time, the European market still faltered a little ...
But seriously, no one could prophesy such rapid growth. The fact that the values move at such a speed should at least be questioned.
Could you imagine to change to another blockchain? And if so, which one?Definitely yes. From the beginning, we have built our architecture so that we can act almost "block-agnostically".
Ethereum is currently but exactly the right platform for us. If I could think about what might be interesting in the future, I think of Ripple first. What are your plans for the future?
The development in the blockchain area is fast-paced. Many applications of the future are not yet developed or thought out. We are focussing on developing the platform that enables machine economics - we are working on this.
Thanks for the nice interview.